Cashflow Solution team

Meet the team

James Inglis-Jones formed the Cashflow Solution team on joining Liontrust in March 2006 and was joined by Samantha Gleave in 2012. James and Samantha jointly manage the Cashflow Solution range of funds having first worked together in 1998 and with an average industry experience of 25 years. James previously managed funds at Fleming Investment Management, JP Morgan Fleming and Polar Capital. Samantha formerly worked at Sutherlands Limited, Fleming Investment Management, Credit Suisse First Boston and Bank of America Merrill Lynch. Samantha was in a No 1 ranked equity research sector team (Extel & Institutional Investor Surveys) at Credit Suisse and won awards for Top Stock Pick and Earnings Estimates at Bank of America Merrill Lynch.

James Inglis-Jones

James Inglis-Jones joined Liontrust in March 2006 to develop the Cashflow Solution investment process. James began his career at Fleming Investment Management in 1997 and in 2003 joined Polar Capital to manage a European market neutral fund. Read more

Samantha Gleave

Samantha Gleave joined Liontrust in 2012 to co-manage the Cashflow Solution funds. She began her career at Sutherlands and, among others, previously worked at Bank of America Merrill Lynch where she won awards for Top Stock Pick and Earnings Estimates. Read more

Cashflow Solution: review of 2023 and outlook for 2024

In this video, James Inglis-Jones and Samantha Gleave explain how the performance of investment styles were volatile in 2023, with both quality growth and value stocks contributing to the strong performance of the process. James and Samantha explain that equity markets look healthy for 2024 as they are trending upwards, valuations in the US and Europe are not concerning and corporate aggression is low. They also discuss their optimism about momentum generating returns across quality growth and value stocks in 2024.

The fund managers believe stock prices are frequently mis-priced as they tend to reflect the often-unreliable forecasts of future profitability made by company managers.

Cashflow Solution

GF Pan-European Dynamic Fund

The Fund is managed by the Cashflow Solution team and seeks companies that generate significantly more cash than they need to sustain their planned growth, yet are lowly valued by investors on that measure. The Fund aims to deliver capital growth over the long term (5 years or more) by using the Cashflow Solution process to identify and invest in companies incorporated, domiciled, listed or which conduct significant business in Europe (the EEA, Switzerland and the UK).

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Cashflow Solution

European Dynamic Fund

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Cashflow Solution

GF European Smaller Companies Fund

The Fund seeks companies with a market capitalisation of less than €5 billion at inception and that generate significantly more cash than they need to sustain growth yet are lowly valued by investors.

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Cashflow Solution

GF European Strategic Equity Fund

The Fund takes long positions in companies that can generate strong cash returns from their capital and appear cheap on these cash flows and shorts companies that are expensive and struggling to generate cash.

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Cashflow Solution

GF Tortoise Fund

The Liontrust GF Tortoise Fund is a long/short global equity fund, managed by James Inglis-Jones and Samantha Gleave.

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Our investment process

The fund managers focus on the historic cash flows generated and invested by companies to support their forecast profits growth. As forecasts are often unreliable, the scale of cash invested to support forecasts is key.

The fund managers seek to own companies that generate significantly more cash than they need to sustain their planned growth yet are lowly valued by investors on that measure and are run by managers committed to an intelligent use of capital.

To identify companies’ annual cash flow, balance sheet development and valuation efficiently across all equity markets the fund managers have developed a simple screen as a starting point for further qualitative analysis. The investment screen consists of two cash flow ratios that are combined equally to highlight the process characteristics that they seek.

The two cash flow measures are: